1-year in to mortgage free - Small steps make progress

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  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Ok, so I thought I'd do a quick new-year update, managed to make a good OP of £110 over Christmas to the mortgage and balance is now at £118,500 on the nose!


    I also noticed that HSBC have revised some of their lifetime tracker rates in the last week, and have applied to move products to a better rate of BOE + 1.99% (Overall 2.49%). If that goes through successfully I'll have an extra £19 per month to go in as an overpayment, fingers crossed all gets approved! Anyone on an HSBC lifetime tracker take note and check your rate! ;)


    Chipping away now to reach the magical 60% LTV for some really decent rates, estimated to hit that in just over 12months so hopefully there will be some around then...


    Happy new year everyone and good luck in 2014 with your MFW plans!
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Quick update and a note to HSBC mortgage borrowers - Check your rate and switch if possible, they have changed again in the last few days!


    I have just switched from my BOE+1.99% to a new rate of BOE+1.79%, so now overall on a 2.29% lifetime tracker. This product is a fee free for 70% LTV, there are options to pay a fee and get slightly lower if the math works out for you (not for me!)...


    Anyway, not managed a massive OP since Christmas as we've purchased a new car to fit little-un and all his toys and stuff in, just need to sell the old car now! Still on track to get below £100k in the next 2 years :)
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Ok, so just over a year on and thought I'd update my thread - Balance is down at £109.5k now.


    Not made any overpayments since last June as I've spent a fair few £k on building a new office and workshop in the garden. But made my first over-payment today in 9 months (£183). Going to hit it regularly again now!


    Not sure I'll hit my target now of being sub-£100k by December 2015, to do that I need to OP at least £325 a month! But I will throw everything at it until Christmas!
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Ok, so today I upped my regular overpayment by £50, meaning my standard OP is now £152 per month. Will also throw spare cash at the month end to the mortgage as well. Time to get cracking!
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Well its been some time, spookily 3-years ago tomorrow! I have been focusing on clearing short term debt in the past few years and only have one debt value being paid off at zero % until end of next year. I have now put a fixed £300 overpayment onto my mortgage which will brig the debt down by 4 years, I am now under £90k @ approx. £87k outstanding and any spare cash will be chucked in as well! :)


    My goal now is to keep going at this and pay the lot off in 5-years, I will be back on this thread in a few years no doubt to see progress against what my aspirations are :)
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    edited 5 May 2018 at 8:30PM
    Quick update, bit sooner than planned but still going well none the less.

    Just reached £85k outstanding, I'm going at this big time now, overpaying £390 a month. As I said earlier in this thread in 2013, I want to be done by 2025, at the moment with these overpayments I am just about still on track :)

    Went off course back then with a little un turning up and home renovations, also nearly binned this goal last year when we nearly moved house, that would have meant upping to 25 year mortgage and six figures again, kinda glad we stay put now - so now back on the MFW wagon :T - Goal is to be mortgage free before I reach 50 in 2026 (not long and I feel old!!)
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Have just switched away from my tracker to a fixed rate, after deciding to stay put we have fixed for five years at 1.94% with the hint of rates rising soon, unlimited overpayments allowed so going to hit this hard, targeting to clear £60k in these five years.... Or More!
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    20vt, howw much are you putting into your pension? Are you a high rate taxpayer?
  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    AnotherJoe wrote: »
    20vt, howw much are you putting into your pension? Are you a high rate taxpayer?

    I’m putting in 15% of salary at the moment (inc employer contribution). Borderline high rate, just over the threshold last year...
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    20vt-rs wrote: »
    Have just switched away from my tracker to a fixed rate, after deciding to stay put we have fixed for five years at 1.94% with the hint of rates rising soon, unlimited overpayments allowed so going to hit this hard, targeting to clear £60k in these five years.... Or More!

    Currently on track to clear my £83k remaining mortgage in 7 years 3 months, that's Nov 2025... seeing the recent rate rise is spurring me on to clear within the 5 year fix that runs out June 2023... Going to be tough but after this month I will be back hitting it hard, unfortunately my vehicle needed £2k of stuff doing this month which wasn't fully planned but hey ho... Keeping regular overpayment in place and will be selling stuff and reigning in spending to chuck into the mortgage each month... hoping to look back on this post in 2023 and say well I did it!!!
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

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